Before you decide to pawn a gold item like a piece of jewelry, make sure you understand how to navigate the practice of pawning gold. Get the best price for your gold with these eight tips for pawning gold from gun shops in Olathe, KS.
Know the Value of Gold
Much like stocks on the stock market, gold is an asset, and its value changes. Research current gold prices before pawning your gold. You’ll also want to look at recent trends in gold prices. If the price seems to be going up, you may want to sell before the price flatlines or drops. Likewise, if the price of gold has dropped recently, it’s probably best to wait for prices to increase.
Know the Karat of Your Gold
Karats measure the purity of gold, but most gold jewelry or other pieces have additional metals mixed in to create a stronger piece. Most jewelry will have the karats marked somewhere on the item, such as inside the band of a ring.
Keep Karats Separate
Test or inspect all of your gold pieces and keep them separated by karats when selling your gold. Some gold buyers attempt to rip you off by buying all of your gold in one lot based on the lowest karat.
Weigh Your Gold and Convert It
There are different weights when it comes to weighing gold, such as a pennyweight (about 1.555 grams) or a Troy (31.1 grams). Be sure you weigh your gold using a high-quality scale and then convert into common gold-measuring weights.
Verify Your Buyer
Check for reviews or recommendations of any gold buyer you choose. You will also want to check for any licensing your gold buyer holds. Most states offer a license for buying and selling gold. Often times your best choice for selling gold is to find reputable pawn and gun shops in Olathe, KS that will buy gold for a good price.
Avoid Shady Situations
Unfortunately, some gold buyers do not have sparkling reputations. Many gold buyers come into town temporarily to offer gold buying services. Most of the time these buyers are not going to offer a good price and are just looking to rip you off. The reason these buyers travel instead of setting up an established pawn shop is that they have a poor reputation.
Decide if You Should Scrap
You may want to go to a professional appraiser to have your gold jewelry or other pieces appraised before selling them. This can help you decide if it’s worth your time to try and haggle the price of selling the piece whole or accepting a scrap price.
Don’t be afraid to shop around and find the best price for your gold items. Different shops or gold buyers may offer different prices for buying as-is or scrapping your gold.
Visit Pawn and Gun Shops in Olathe, KS for Pawning Gold
Learn more about pawning your gold by visiting Harrison Street Pawn and talking with our gold buying experts!